Tuesday, January 17, 2012

Home sales in South Carolina fell last year compared to 2010, South Carolina Realtors reported Tuesday.

Roughly 46,760 homes were sold statewide in 2011, a 1.7 percent drop compared to 47,556 sales reported in 2010.

The median price also fell - slipping 1 percent to $148,500 from $149,999.

Indicative of the tough sellers market, the number of days a home spent on the market increased by 8.1 percent to 143 in 2011, up from 133 in 2010.

In December, the inventory, or homes available on the market, fell, continuing a trend seen throughout 2011, the trade group says.

The state had 11.9 months of inventory, down 16 percent from the previous month, the group says. This excludes shadow inventory, or homes that are seriously delinquent, in foreclosure or owned by banks but not listed for sale. A healthy real estate market is thought to have six months of inventory.

An Observer analysis published last month found the region has a significant amount of shadow inventory looming.

The Observer's analysis showed the seven counties surrounding Mecklenburg have more than 17,300 homes in shadow inventory. In contrast, the seven counties had 8,636 homes listed for sale as of October.

Lancaster County in South Carolina led the region with nearly four times the amount of shadow inventory as for-sale listings.

The real estate group said market conditions now are better than two years ago.

"Sellers are seeing multiple-offer situations, buyers are seeing sub-4 percent loans, and supply-demand trends are more balanced," the group said. "When it gets down to it, that's a stable foundation and a far cry from 2009. While the fundamentals are better, the foreclosure situation and political unknowns remain wildcards. For now, we should enjoy the fresh canvas."

Ely Portillo

Ely Portillo

About this blog

Ely Portillo covers economic development for the Observer, writing about who's building what in a city that seems to be sprouting new apartment and office towers on every corner. He also writes about Charlotte's airport, a major hub that's also undergoing a huge growth spurt. A transplant from Maryland, he's been reporting on his adopted hometown for more than five years. If you have a tip or story idea to share, you can contact him by email or give him a call at 704-358-5041. For the latest news, follow him on Twitter @ESPortillo.